Stay Pittsburgh

Stay Pittsburgh

Print
View on Honeycomb Credit
Security Type
Secured Loan
Categories
Service Businesses
Min Investment
$100
Location
Pittsburgh, PA
Offering Date
August 20, 2020
Expected Close Date
October 12, 2020
Target Raise
$50.00K-$107.00K
Deal Notes

Interest Rate: 3.75% interest-only + 9.0% fully amortizing

Payments:  Monthly, disbursed to investors quarterly

Maturity:  6 months interest-only + 30 months fully amortizing 

Personal Guaranty:  Zachary Patton

Security Interest:  Blanket lien on assets of company

Company Description

Stay Pittsburgh is an apartment-style hotel serving regional and international customers ranging from sports enthusiasts, entrepreneurs, young travelers, local weekend warriors, conference goers, and the like. They enjoy Stay Pittsburgh's fun culture, affordable prices, and convenient amenities and location.

Through 2018 and 2019, we were the largest Airbnb provider in the city. We are also the only locally-owned and independently-operated hotel in downtown Pittsburgh.

Use of Proceeds

  • Relief
  • Equipment

Management Team / Advisory Board Bios

Zachary Patton is a serial entrepreneur founding three companies: Ruby Ride, a transportation technology company, spanning several states and receiving over $1.4 million in federal grants; Orange Astronaut, a marketing agency specializing in web design and video production; and Stay Pittsburgh, an independently owned and operated apartment-style hotel located in downtown Pittsburgh. He caught the startup bug studying innovation policy at a think-tank in Rio de Janeiro while on a Boren Fellowship. After returning stateside he helped dozens of entrepreneurs launch their companies at Idea Foundry, before delving into launching his own businesses. Combined, Zach has generated nearly $3 million in revenue and at one point managed a team of 24, ranging from designers, salespeople, software engineers, and other staff.

Deal Notes

Interest Rate: 3.75% interest-only + 9.0% fully amortizing

Payments:  Monthly, disbursed to investors quarterly

Maturity:  6 months interest-only + 30 months fully amortizing 

Personal Guaranty:  Zachary Patton

Security Interest:  Blanket lien on assets of company

Amount Raised : $0
Reveal the Score by Voting
＿
Additional ratings from other users are needed to determine a viable CrowdScore for this deal.
The "CrowdScore" for this deal is determined by user ratings and other factors using our proprietary algorithm.
ⓘ
The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
Business Idea
ⓘ
The progress made thus far in demonstrating that the business has viability, a customer base or other business traction.
Business Traction
ⓘ
The experience of the management team in running, scaling and/or exiting a business that required similar skills to execute the business plan.
Management Team
ⓘ
The value of the company compared to similar companies raising money from investors.
Valuation

Security Description

Secured debt is debt backed or secured by collateral to reduce the risk associated with lending. If the borrower on a loan defaults on repayment, the debt holder can seize the collateral, sell it, and use the proceeds to pay back the debt. Assets backing debt or a debt instrument are considered as a form of security, which is why unsecured debt is considered a riskier investment than secured debt.

Research Reports

No reports have been submitted

Become a Reporter
Read Our Research Disclaimer

0 Comments

Post Comment